Identifying
customers:
- Understand the need to identify specific customer types for targeting new ideas.
- Behavioural, demographic and geographic segmentation.
- Tangible and intangible features and benefits of a product or service.
Understanding
the industry environment:
- How the industry environment affects the likely success of a new entrant.
- Explore Porter’s Five Forces model to analyse the attractiveness of an industry from the perspective of a new entrant. Approaches to competitor analysis relevant to entrepreneurs and small firms.
- Industry life-cycle
Unit 27:
Set Assignment / Scenario
As a
graduate you are seeking to set up your own start-up business. You have had
several ideas but only one can be viable. In preparing a pitch to present to
financial investors you will provide the background to your sources of
inspiration and the market research you have undertaken to support taking the
idea forward.
Explain the choice of a specific entrepreneurial idea for
investigation and the market gap that it addresses
P2.
Explain the rationale and the market gap for a specific entrepreneurial idea using relevant tools and techniques to support
your choice.
M2.
Provide justification of how a specific entrepreneurial
idea fills a market gap using different techniques for gap and competitive
analysis.
D2.
Critically evaluate a specific
entrepreneurial idea based on appropriate interpretation and investigation of
the competitive market place
